Posts by SIRIUS TAX GROUP
SMALL BUSINESS SERIES: Foreign Nationals & U.S. Business Ownership
If you’re a foreign national looking to start or invest in a U.S. business, understanding your tax obligations is critical. Your visa status, residency status, and business structure all impact how you’ll be taxed. Key considerations: Don’t navigate this alone. Working with a tax advisor who understands visa-specific implications ensures you stay compliant and minimize…
Read MoreSMALL BUSINESS SERIES: Entity Classification Matters
Choosing the right business structure is one of the most important decisions you’ll make as a business owner. Your entity classification affects your tax liability, personal liability protection, and ongoing compliance requirements. Here are the main options: The right choice depends on your industry, profit level, growth plans, and risk exposure. Don’t leave money on…
Read MoreFIRPTA REQUIRES WITHHOLDING WHEN PURCHASING U. S. REAL ESTATE FROM FOREIGN SELLERS
FIRPTA (Foreign Investment in Real Property Tax Act) requires buyers or transferees to withhold tax when acquiring U.S. real property interests from foreign persons. The standard withholding rate is 15% of the gross sales price, though different rates may apply in certain situations. Determining When FIRPTA Applies First, you must determine whether the seller is a…
Read MoreIMPORTANT TAX DEADLINES
As tax season winds down, there are three dates that are of importance to taxpayers, whether you are inside or outside of the U. S. APRIL 15 – PAYMENT DEADLINEFor taxpayers here in the U. S., the IRS expects payment of taxes by April 15 this year. This is whether you are filing yet or…
Read MoreSUPREME COURT STRIKES DOWN PRESIDENT TRUMP’S TARIFFS
The Supreme Court today struck down President Donald Trump’s far-reaching global tariffs on Friday, handing him a significant loss on an issue crucial to his economic agenda. In a 6-3 decision, the Justices struck down the President’s ability to impose sweeping “reciprocal” tariffs that he levied on nearly every global trade partner. This is a…
Read MoreNEW POSTMARK RULES COULD COST TAXPAYERS
New postmark rules were put in place on Christmas Eve that could affect you if your tax return is received by the filing deadline during tax season. How does this affect you? Simply put, the IRS imposes penalties and interest if your tax return is late, starting the day after the deadline in a tax…
Read MoreBUSINESS YEAR-END ACTION ITEM #8: REVIEW FOREIGN ASSET REPORTING (FBAR/FATCA)
If you’re an overseas owner with U.S. business interests, make sure you’re compliant with U.S. foreign asset reporting rules. Accounts over $10,000 aggregate require FBAR (FinCEN 114), and FATCA may apply. Incomplete reporting can trigger steep penalties—even for honest mistakes. Gather your documentation now and consult a cross-border tax expert before filing season. #SiriuslySpeaking #YearEnd…
Read MoreBUSINESS YEAR-END ACTION ITEM #7: CONFIRM U. S. TAX RESIDENCY AND TREATY BENEFITS
If you’re based overseas but doing business in the U.S., review your residency status and eligibility for tax treaty benefits. The right classification can impact your tax rate, reporting, and withholding. Double-check your visa status, days of presence, and any treaties between your home country and the U.S.—and get expert guidance if you’re unsure. #SiriuslySpeaking…
Read MoreBUSINESS YEAR-END ACTION ITEM #6: PLAN FOR NEXT YEAR’S GROWTH
Set aside time to reflect on what worked—and what didn’t—this year. Update your business goals, budget for new opportunities, and review your tax strategy with a professional. Proactive planning keeps you ahead of the curve and ready for success in 2026. #SiriuslySpeaking #YearEnd #BusinessPlanning #GrowthStrategy #SiriusTaxGroup #SmallBusiness #TheITINLady #BusinessOwner #Entrepreneurship #CPA #TaxAdvisor #WashingtonDC #SilverSpring #BusinessSuccess…
Read MoreBUSINESS YEAR-END ACTION ITEM #5: REVIEW EMPLOYEE & CONTRACTOR RECORDS
Ensure all W-2 and 1099 information is accurate and up to date. Double-check Social Security numbers, addresses, and payment totals. Early corrections prevent costly filing mistakes and IRS notices in January. Protect your business and your team with proactive compliance! #SiriuslySpeaking #YearEnd #Payroll #IRS #SiriusTaxGroup #SmallBusiness #TheITINLady #BusinessOwner #Entrepreneurship #CPA #TaxAdvisor #WashingtonDC #SilverSpring #PayrollCompliance #BusinessStrategy…
Read MoreBUSINESS YEAR-END ACTION ITEM #4: UPDATE YOUR EMERGENCY & CONTINGENCY PLANS
Is your business prepared for the unexpected? Review and update your emergency preparedness and disaster recovery plans. Make sure key documents are backed up and your team knows the drill. A little planning now protects your business in the new year. #SiriuslySpeaking #YearEnd #BusinessPlanning #EmergencyPreparedness #SiriusTaxGroup #SmallBusiness #TheITINLady #BusinessOwner #Entrepreneurship #CPA #TaxAdvisor #WashingtonDC #SilverSpring #BusinessStrategy…
Read MoreBUSINESS YEAR-END ACTION ITEM #3: ASSESS YOUR BUSINESS ENTITY & TAX ELECTIONS
Is your current entity (LLC, S Corp, C Corp) still the best fit? Review your structure and consider whether an S Corp election or other changes could save you money next year. Laws and business goals change—make sure your entity still aligns with your vision. SiriuslySpeaking #YearEnd #BusinessEntity #TaxPlanning #SiriusTaxGroup #SmallBusiness #TheITINLady #BusinessOwner #Entrepreneurship #CPA…
Read MoreBUSINESS YEAR-END ACTION ITEM #2: RECONCILE ACCOUNTS & CHASE OUTSTANDING INVOICES
Now is the time to make sure your bank, credit card, and loan accounts match your books. Follow up on any unpaid invoices—cash flow is king as you close out the year. Accurate records help you maximize deductions and avoid IRS scrutiny. #SiriuslySpeaking #YearEnd #SiriusTaxAdvisor #TaxStrategies #BusinessStrategies #GlobalBusiness #BusinessSuccessYearEnd #BusinessFinance #TaxTips #TheITINLady #BusinessOwner #Entrepreneurship #CPA…
Read MoreBUSINESS YEAR-END ACTION ITEM #1: REVIEW YOUR FINANCIAL STATEMENTS
Before you close the books, take a close look at your profit & loss, balance sheet, and cash flow statements. Are your numbers accurate? Are there any surprises? Address discrepancies now to avoid headaches during tax season. This is your foundation for smart year-end decisions. #SiriuslySpeaking #YearEnd #SiriusTaxAdvisor #TaxStrategies #BusinessStrategies #GlobalBusiness #InternationalTax #ForeignTax #ForeignIncome #TheITINLady…
Read MoreDISSOLVING YOUR DOMESTIC BUSINESS: WHAT TO KNOW
Thinking about closing your business? Proper dissolution protects you from future tax, legal, and compliance headaches. Here’s what you need to do: Failing to dissolve correctly can lead to penalties or unexpected tax bills. Need guidance? Sirius Tax Group can help you handle dissolution the right way. #SiriuslySpeaking #SiriusBusiness #SiriusTaxAdvisor #TaxStrategies #BusinessStrategies #GlobalBusiness #InternationalTax #ForeignTax…
Read MoreS CORPS: REASONABLE COMPENSATION & TAX BASICS
Forming an S Corporation? Understand how compensation works: Reasonable compensation for an S Corporation is the wage or salary that must be paid to a shareholder-employee who performs substantial services for the business before any non-wage distributions (such as dividends) can be taken. The Internal Revenue Service (IRS) requires this to ensure that Social Security…
Read MoreIRS INFORMATION RETURNS FOR FOREIGN TAXPAYERS: KEY POINTS
IRS information returns are forms used to report certain types of income or transactions to the IRS, and often to the recipient, for tax compliance. For foreign taxpayers (nonresident aliens, foreign entities, and U.S. persons with foreign assets), these returns ensure proper disclosure of U.S.-source income, U.S. activities, and foreign financial interests. 1. Common Information…
Read MoreA BRIEF OVERVIEW OF THE MOST COMMON BUSINESS ENTITIES IN THE U. S.
What is a Business Entity?A business entity is a legal structure that defines how a business is organized, owned, taxed and operates. Choosing the right structure is critical as it affects personal liability, taxation, and administrative requirements. Common U. S. Business Entity StructuresSole Proprietorships are the easiest to form. Two or more people that come…
Read MoreIRS RELEASES TAX YEAR 2026 TAX RATE SCHEDULES
The IRS today released its TY 2026 adjusted rates for the Standard Deduction and Tax Brackets, including changes under the One Big Beautiful Bill (OBBB) for TY 2025. As noted below, TY 2026 adjustments described below generally apply to tax returns filed in 2027. Per the IRS, “the tax items for tax year 2026 of…
Read MoreIRS REPORTING REQUIREMENTS FOR FOREIGN NATIONALS
The IRS reporting requirements for foreign nationals are determined by their tax residency status, which is different from their immigration status. The two main categories are Resident Aliens and Non-Resident Aliens. Your tax obligations, including which forms you must file and what income you must report, depend on which category you fall into. DETERMINING YOUR TAX STATUS: RESIDENT VS. NON-RESIDENT…
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